BEIJING (Reuters) – China’s banking and insurance regulator on Tuesday issued new requirements in the risk management and investment activities of insurance groups, to step up supervision and prevent risks of the sector.
The rules was updated from its earlier version in 2010 to adapt with significant changes in the development of insurance groups over years, and the external environment, according to a website statement of the China Banking and Insurance Regulatory Commission (CBIRC).
China has 13 insurance groups with a total asset of 2.2 trillion yuan ($345.29 billion) under management as of end-2020, dominating the insurance market, it said.
($1 = 6.3714 Chinese yuan renminbi)
(Reporting by Cheng Leng and Ryan Woo; Editing by Louise Heavens)
